Is UltraTech Cement the new owner of Chennai Super Kings? Explained

A mega business deal announced between two of India’s leading cement companies has interestingly caught the attention of cricket fans across the country.

On Sunday, July 28, UltraTech Cement Ltd announced the acquisition of a 32.72% equity stake of the promoters and their associates in India Cements Ltd. This was in addition to the 22.77% equity of India Cements that Ultratech had acquired in June 2024.

Ownership of CSL IPL team after Ultratech-India Cements deal

The transaction drew attention to the Chennai Super Kings, one of the eight inaugural IPL teams and originally established as a division of India Cements in 2008. Markets started speculating that UltraTech Cement may now become the team's new owner.

However, clarity over CSK’s ownership emerged after various media reports suggested that the IPL franchise was not a part of the UltraTech-India Cements deal as it was now an independent company.

The IPL franchise was reportedly separated from India Cements around 2015. The India Cements Shareholders Trust, which was originally the cricket franchise's holding company, had distributed almost its entire holding of CSK shares to eligible promoter and non-promoter shareholders of India Cements.

According to the CSK Annual Report 2022-23, the Trust’s stake in CSK fell to just 1.76% in FY23 from 30% in FY22.

India Cements promoter N Srinivasan and his family now hold a majority 28.14% stake in the CSK franchise, the reports said.

“Chennai Super Kings and India Cements are different entities. India Cements no longer controls the CSK team. The team is run by a company called Chennai Super Kings Cricket Limited (CSKCL),” Kasi Viswanathan, CEO of CSKCL, was quoted as saying by cricket website Cricbuzz.

Viswanathan, too, confirmed that the N Srinivasan family, including his wife Chitra and daughter Rupa Gurunath, holds a controlling stake in the IPL franchise.

Meanwhile, UltraTech Cement shares are trading 0.9% higher at ₹11,788 apiece on the NSE at 12:30 pm, while India Cements shares are up 0.7% at ₹376.4 per share.